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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 001-07349

BALL CORPORATION

State of Indiana

(State or other jurisdiction of incorporation or
organization)

35-0160610

(I.R.S. Employer Identification No.)

9200 West 108th Circle

Westminster, CO

(Address of registrant’s principal executive office)

80021

(Zip Code)

Registrant’s telephone number, including area code: 303/469-3131

Securities registered pursuant to section 12(b) of the Act:

Class		Trading Symbol		Name of Exchange		Outstanding at October 31, 2025
Common Stock, without par value		BALL		NYSE		267,987,212 shares

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ☒	Accelerated filer ◻
Non-accelerated filer ◻	Smaller reporting company◻
	Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ⌧

Table of Contents

Ball Corporation

QUARTERLY REPORT ON FORM 10-Q

For the period ended September 30, 2025

INDEX

		Page Number
PART I.	FINANCIAL INFORMATION	1
Item 1.	Financial Statements	1
	Unaudited Condensed Consolidated Statements of Earnings for the Three and Nine Months Ended September 30, 2025 and 2024	1
	Unaudited Condensed Consolidated Statements of Comprehensive Earnings (Loss) for the Three and Nine Months Ended September 30, 2025 and 2024	2
	Unaudited Condensed Consolidated Balance Sheets at September 30, 2025, and December 31, 2024	3
	Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024	4
	Notes to the Unaudited Condensed Consolidated Financial Statements
	Note 1. Basis of Presentation	5
	Note 2. Accounting Pronouncements	6
	Note 3. Business Segment Information	7
	Note 4. Acquisitions and Dispositions	9
	Note 5. Revenue from Contracts with Customers	11
	Note 6. Business Consolidation and Other Activities	12
	Note 7. Supplemental Cash Flow Statement and Other Disclosures	12
	Note 8. Receivables, Net	13
	Note 9. Inventories, Net	13
	Note 10. Property, Plant and Equipment, Net	13
	Note 11. Goodwill	14
	Note 12. Intangible Assets, Net	14
	Note 13. Other Assets	14
	Note 14. Leases	15
	Note 15. Debt	15
	Note 16. Taxes on Income	16
	Note 17. Employee Benefit Obligations	17
	Note 18. Equity and Accumulated Other Comprehensive Earnings (Loss)	18
	Note 19. Earnings and Dividends Per Share	21
	Note 20. Financial Instruments and Risk Management	21
	Note 21. Contingencies	26
	Note 22. Indemnifications and Guarantees	27
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	29
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	37
Item 4.	Controls and Procedures	37
PART II.	OTHER INFORMATION	38

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PART I. FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

BALL CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions, except per share amounts)	2025		2024		2025		2024

Net sales	$	3,379	$	3,082	$	9,814	$	8,915

Cost of sales (excluding depreciation and amortization)		(2,701)		(2,425)		(7,884)		(7,065)
Depreciation and amortization		(158)		(150)		(463)		(460)
Selling, general and administrative		(130)		(142)		(416)		(518)
Business consolidation and other activities		78		(85)		53		(171)
Interest income		8		14		20		58
Interest expense		(85)		(67)		(236)		(228)
Debt refinancing and other costs		—		—		—		(3)

Earnings before taxes		391		227		888		528
Tax (provision) benefit		(76)		(42)		(190)		(118)
Equity in results of affiliates, net of tax		7		8		20		21
Earnings from continuing operations		322		193		718		431
Discontinued operations, net of tax		(1)		6		(3)		3,613
Net earnings		321		199		715		4,044
Net earnings attributable to noncontrolling interests		—		2		3		4
Net earnings attributable to Ball Corporation	$	321	$	197	$	712	$	4,040


Earnings per share:
Basic - continuing operations	$	1.18	$	0.63	$	2.58	$	1.38
Basic - discontinued operations		—		0.02		(0.01)		11.70
Total basic earnings per share	$	1.18	$	0.65	$	2.57	$	13.08

Diluted - continuing operations	$	1.18	$	0.63	$	2.57	$	1.37
Diluted - discontinued operations		—		0.02		(0.01)		11.59
Total diluted earnings per share	$	1.18	$	0.65	$	2.56	$	12.96


Weighted average shares outstanding: (000s)
Basic		271,086		302,406		276,782		308,851
Diluted		272,891		305,219		278,537		311,674

See accompanying notes to the unaudited condensed consolidated financial statements.

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BALL CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2025		2024		2025		2024

Net earnings	$	321	$	199	$	715	$	4,044

Other comprehensive earnings (loss):
Currency translation adjustment		23		43		140		(96)
Pension and other postretirement benefits		6		(14)		(47)		134
Derivatives designated as hedges		19		(39)		(19)		(6)
Total other comprehensive earnings (loss)		48		(10)		74		32
Tax (provision) benefit		(5)		19		17		(28)
Total other comprehensive earnings (loss), net of tax		43		9		91		4

Total comprehensive earnings		364		208		806		4,048
Comprehensive earnings attributable to noncontrolling interests		—		2		3		4
Comprehensive earnings attributable to Ball Corporation	$	364	$	206	$	803	$	4,044

See accompanying notes to the unaudited condensed consolidated financial statements.

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BALL CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS


	September 30,		December 31,
($ in millions)	2025		2024

Assets
Current assets
Cash and cash equivalents	$	568	$	885
Receivables, net		2,696		2,166
Inventories, net		1,856		1,477
Other current assets		207		169
Current assets held for sale		20		144
Total current assets		5,347		4,841
Noncurrent assets
Property, plant and equipment, net		6,573		6,173
Goodwill		4,377		4,172
Intangible assets, net		1,014		1,080
Other assets		1,410		1,362
Total assets	$	18,721	$	17,628

Liabilities and Equity
Current liabilities
Short-term debt and current portion of long-term debt	$	344	$	361
Accounts payable		3,494		3,418
Accrued employee costs		273		303
Other current liabilities		728		725
Current liabilities held for sale		—		40
Total current liabilities		4,839		4,847
Noncurrent liabilities
Long-term debt		6,864		5,312
Employee benefit obligations		521		577
Deferred taxes		590		594
Other liabilities		455		368
Total liabilities		13,269		11,698

Equity
Common stock (684,935,489 shares issued - 2025; 684,168,252 shares issued - 2024)		1,422		1,395
Retained earnings		12,073		11,527
Accumulated other comprehensive earnings (loss)		(912)		(1,003)
Treasury stock, at cost (415,247,531 shares - 2025; 394,790,362 shares - 2024)		(7,137)		(6,057)
Total Ball Corporation shareholders' equity		5,446		5,862
Noncontrolling interests		6		68
Total equity		5,452		5,930
Total liabilities and equity	$	18,721	$	17,628

See accompanying notes to the unaudited condensed consolidated financial statements.

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BALL CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


	Nine Months Ended September 30,
($ in millions)	2025		2024

Cash Flows from Operating Activities
Net earnings	$	715	$	4,044
Adjustments to reconcile net earnings to cash provided by (used in) operating activities:
Depreciation and amortization		463		469
Business consolidation and other activities		(53)		171
Deferred tax provision (benefit)		24		201
Gain on Aerospace disposal		4		(4,694)
Pension contributions		(36)		(24)
Other, net		(157)		78
Changes in working capital components, net of acquisitions and dispositions		(909)		(630)
Cash provided by (used in) operating activities		51		(385)

Cash Flows from Investing Activities
Capital expenditures		(304)		(377)
Business acquisitions, net of cash acquired		(159)		—
Business dispositions, net of cash sold		26		5,422
Derivative settlements		(89)		101
Other, net		(48)		35
Cash provided by (used in) investing activities		(574)		5,181

Cash Flows from Financing Activities
Long-term borrowings		4,382		450
Repayments of long-term borrowings		(2,866)		(3,279)
Net change in short-term borrowings		(90)		51
Acquisitions of treasury stock		(1,106)		(1,061)
Common stock dividends		(166)		(185)
Other, net		(14)		26
Cash provided by (used in) financing activities		140		(3,998)

Effect of exchange rate changes on cash		31		(64)

Change in cash, cash equivalents and restricted cash		(352)		734
Cash, cash equivalents and restricted cash - beginning of period (a)		931		710
Cash, cash equivalents and restricted cash - end of period	$	579	$	1,444

(a)	Includes $32 million of cash presented in current assets held for sale on the unaudited condensed consolidated balance sheet as of December 31, 2024.

See accompanying notes to the unaudited condensed consolidated financial statements.

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Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

1. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements (consolidated financial statements) include the accounts of Ball Corporation and its controlled affiliates, including its consolidated variable interest entities (collectively Ball, the company, we or our), and have been prepared by the company. Certain information and footnote disclosures, including critical and significant accounting policies normally included in consolidated financial statements prepared in accordance with generally accepted accounting principles, have been condensed or omitted for this quarterly presentation.

Results of operations for the periods shown are not necessarily indicative of results for the year, particularly in view of the seasonality in the packaging segments. These consolidated financial statements and accompanying notes should be read in conjunction with the consolidated financial statements and the notes thereto included in the company’s 2024 Annual Report on Form 10-K filed on February 20, 2025, pursuant to the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2024 (annual report).

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball’s management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the consolidated financial statements reflect all adjustments that are of a normal recurring nature and are necessary to fairly state the results of the periods presented.

On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company’s consolidated financial statements reflect the aerospace business’ financial results as discontinued operations for all periods presented. Unless otherwise specified, these notes to the unaudited condensed consolidated financial statements reflect continuing operations only.

Certain prior year amounts have been reclassified in order to conform to the current year presentation.

Risks and Uncertainties

Global Economic Environment

Current and future inflationary effects may continue to be impacted by, among other things, supply chain disruptions, governmental stimulus or fiscal and monetary policies, changes in interest rates, tariffs, and changing demand for certain goods and services. There is currently significant uncertainty as to the extent and duration of tariffs and the associated impacts on inflation and trade compliance. Furthermore, we cannot predict with any certainty the impact that interest rates, a global or any regional recession, tariffs, or higher inflation may have on our customers or suppliers. Additionally, we are unable to predict the potential effects that any future pandemic, hyperinflationary economies in countries where we operate, or the continuation or escalation of global conflicts, including the conflict between Russia and Ukraine and the instability in the Middle East and Myanmar, and related sanctions or market disruptions, may have on our business. It remains uncertain how long any of these conditions may last or how severe any of them may become.

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Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

Ball management has reviewed the estimates used in preparing the company’s consolidated financial statements and the following have a reasonably possible likelihood of being affected, to a material extent, by the direct and indirect impacts of the current global economic environment in the near-term.

●

Estimates regarding the future financial performance of the business used in the impairment tests for goodwill, long-lived assets, equity method investments, recoverability of deferred tax assets and estimates regarding cash needs and associated indefinite reinvestment assertions;

●

Estimates of recoverability for customer receivables;

●

Estimates of net realizable value for inventory; and

●

Estimates regarding the likelihood of forecasted transactions associated with hedge accounting positions at September 30, 2025, which could impact the company’s ability to satisfy hedge accounting requirements and result in the recognition of income and/or expenses.

In addition to the above potential impacts on the estimates used in preparing the consolidated financial statements, the current global economic environment has the potential to increase Ball’s vulnerabilities to near-term severe impacts related to certain concentrations in its business. In line with other companies in the packaging industry, Ball makes the majority of its sales and significant purchases to or from a relatively small number of global, or large regional, customers and suppliers. Furthermore, Ball makes the majority of its sales from a small number of product lines. The potential of the current global economic environment to affect a significant customer or supplier, or to affect demand for certain products to a significant degree, heightens the vulnerability of Ball to these concentrations.

2. Accounting Pronouncements

New Accounting Guidance and Disclosure Requirements

Improvements to Accounting for Internal-Use Software

In 2025, new guidance was issued by the Financial Accounting Standards Board (FASB) with the goal to better align accounting with how internal-use software is developed. The company is assessing the impact that the adoption of this new guidance will have on its consolidated financial statements and expects to adopt the guidance on a prospective basis in 2028.

Measurement of Credit Losses for Accounts Receivable and Contract Assets

In 2025, amended guidance was issued by the FASB with the goal of improving efficiencies associated with the measurement of credit losses for accounts receivable and contract assets by allowing entities to elect a practical expedient for measurement. The company is assessing the impact that the adoption of this new guidance will have on its consolidated financial statements and expects to adopt the guidance on a prospective basis in 2026.

Disaggregation of Income Statement Expenses

In 2024, new guidance was issued by the FASB with the goal of providing financial statement users with more expense information of certain categories of expenses that are included in line items on the face of the statements of earnings. The company is assessing the impact that the adoption of this new guidance will have on its consolidated financial statements and expects to meet the disclosure requirements on a prospective basis in its 2027 annual report and interim periods thereafter.

Income Tax Disclosures

In 2023, new guidance was issued by the FASB with the goal of providing financial statement users with more information in the income tax rate reconciliation table and regarding income taxes paid. The company is preparing for the adoption of this new guidance in its consolidated financial statements and expects to meet the disclosure requirements on a prospective basis in its 2025 annual report.

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Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

3. Business Segment Information

Ball’s operations are organized and reviewed by management along its product lines and geographical areas and presented in the three reportable segments outlined below.

Beverage packaging, North and Central America: Consists of operations in the U.S., Canada and Mexico that manufacture and sell aluminum beverage containers throughout those countries.

Beverage packaging, EMEA: Consists of operations in numerous countries throughout Europe, as well as Egypt and Turkey, that manufacture and sell aluminum beverage containers throughout those countries.

Beverage packaging, South America: Consists of operations in Brazil, Argentina, Paraguay and Chile that manufacture and sell aluminum beverage containers throughout most of South America.

As presented in the tables below, Other consists of a non-reportable operating segment (beverage packaging, other) that manufactures and sells aluminum beverage containers in India and Myanmar; a non-reportable operating segment that manufactures and sells extruded aluminum aerosol containers and recloseable aluminum bottles across multiple consumer categories as well as aluminum slugs (personal & home care or PHC) throughout North America, South America and Europe; undistributed corporate expenses; and intercompany eliminations and other business activities.

On August 27, 2025, the company sold 41 percent of its 51 percent ownership interest in Ball United Arab Can Manufacturing Company, which resulted in Ball deconsolidating the business and retaining a 10 percent ownership interest. The financial results of the Saudi Arabian business, which were a part of the beverage packaging, other, non-reportable operating segment, are presented in Other in the tables below through the date of the transaction and as of December 31, 2024, the assets and liabilities of the Saudi Arabian business were presented as current assets held for sale and current liabilities held for sale on the unaudited condensed consolidated balance sheet.

On March 21, 2025, Ball closed on a transaction for its aluminum cups business, which resulted in Ball deconsolidating the business. The financial results of the aluminum cups business are presented in Other in the tables below through the date of the transaction and the assets and liabilities of the business were presented as current assets held for sale and current liabilities held for sale on the unaudited condensed consolidated balance sheet as of December 31, 2024. See Note 4 for further details on the Saudi Arabia and aluminum cups businesses.

The accounting policies of the segments are the same as those used in the consolidated financial statements, as discussed in Note 1. The company also has investments in operations in Guatemala, Panama, the U.S. and Vietnam that are accounted for under the equity method of accounting and, accordingly, those results are not included in segment sales or earnings.

Dan Fisher, Chairman and Chief Executive Officer, is the company’s chief operating decision maker (CODM). For each reportable segment, the CODM uses segment comparable operating earnings to analyze profitability compared to internal forecasts and comparative prior periods. These analyses allow the CODM to have constructive dialogue with other company leaders on how to improve company performance.

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Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

Summary of Business by Segment


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2025		2024		2025		2024

Net sales
Beverage packaging, North and Central America	$	1,638	$	1,456	$	4,714	$	4,328
Beverage packaging, EMEA		1,059		950		3,012		2,640
Beverage packaging, South America		508		484		1,529		1,388
Reportable segment sales		3,205		2,890		9,255		8,356
Other		174		192		559		559
Net sales	$	3,379	$	3,082	$	9,814	$	8,915

Comparable segment operating earnings (a)
Beverage packaging, North and Central America	$	210	$	203	$	613	$	605
Beverage packaging, EMEA		147		128		372		326
Beverage packaging, South America		80		78		200		170
Reportable segment comparable operating earnings		437		409		1,185		1,101
Reconciling items
Other (b)		(6)		4		(13)		(66)
Business consolidation and other activities		78		(85)		53		(171)
Amortization of acquired intangibles		(33)		(34)		(101)		(105)
Interest expense		(85)		(67)		(236)		(228)
Debt refinancing and other costs		—		—		—		(3)
Earnings before taxes	$	391	$	227	$	888	$	528

(a)

The difference between reportable segment net sales and comparable operating earnings is comprised of other segment items. Other segment items includes cost of sales, depreciation and amortization, selling, general and administrative and interest income amounts. The CODM does not receive or use these amounts at the reportable segment level. However, the CODM is provided these amounts at a consolidated level to manage operations.

(b)

Includes undistributed corporate expenses, net, of $29 million and $32 million for the three months ended September 30, 2025 and 2024, respectively, and $102 million and $149 million for the nine months ended September 30, 2025 and 2024, respectively. Undistributed corporate expenses, net, includes corporate interest income of $7 million for the three months ended September 30, 2024, and $1 million and $36 million for the nine months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2024, undistributed corporate expenses, net, includes $82 million of incremental compensation cost from the successful sale of the aerospace business.


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2025		2024		2025		2024

Depreciation and amortization
Beverage packaging, North and Central America	$	57	$	53	$	169	$	160
Beverage packaging, EMEA		53		47		149		140
Beverage packaging, South America		36		34		108		113
Reportable segment depreciation and amortization		146		134		426		413
Other		12		16		37		47
Depreciation and amortization	$	158	$	150	$	463	$	460

The company does not disclose total assets by segment as it is not provided to the CODM.

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Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

4. Acquisitions and Dispositions

Saudi Arabia

On August 27, 2025, the company sold 41 percent of its 51 percent ownership interest in Ball United Arab Can Manufacturing Company for total cash consideration of $74 million, of which $66 million was received upon closing. The sale is subject to customary closing adjustments. The remaining cash consideration is expected to be received in the fourth quarter of 2025. A gain of $86 million was recognized upon sale and is presented in business consolidation and other activities in the unaudited condensed consolidated statements of earnings in the third quarter of 2025. As of December 31, 2024, the assets and liabilities of the business were presented as current assets and current liabilities held for sale. The transaction resulted in deconsolidation upon closing with Ball retaining a 10 percent ownership interest, which is reported in other assets as an equity method investment on the unaudited condensed consolidated balance sheet.

Aluminum Cups

In the fourth quarter of 2024, Ball’s Board of Directors provided approval for the company to form a strategic partnership for the aluminum cups business in early 2025. As a result, Ball recorded a noncash impairment charge of $233 million in the fourth quarter of 2024 to adjust the carrying value of the disposal group of our aluminum cups business to its estimated fair value less cost to sell. This charge was included in business consolidation and other activities in the consolidated statement of earnings for the year ended December 31, 2024. The remaining assets and liabilities were presented as current assets held for sale and current liabilities held for sale on the unaudited condensed consolidated balance sheet as of December 31, 2024.

On March 21, 2025, Ball and Ayna.AI LLC (Ayna) executed a Unit Purchase Agreement to form a strategic partnership in which Ball owns a 49 percent interest. Ball’s interest in the entity, Oasis Venture Holdings LLC (“Oasis”), is accounted for under the equity method of accounting. Ball recorded an additional loss of $8 million related to the transaction in business consolidation and other activities in the unaudited condensed consolidated statement of earnings for the nine months ended September 30, 2025.

Acquisition of Florida Can Manufacturing

In February 2025, the company closed on the acquisition of Florida Can Manufacturing for cash consideration of $160 million. The business is comprised of an aluminum beverage can manufacturing facility located in Winter Haven, Florida, and is included in Ball’s beverage packaging, North and Central America, segment. The transaction strengthens the segment’s supply network and enhances its ability to meet growing customer demand for sustainable beverage packaging solutions in the region.

Personal & Home Care Acquisition of Alucan Entec

In October 2024, the company acquired the entire share capital of Alucan Entec, S.A, an impact extruded aluminum packaging business with a manufacturing facility in Lummen, Belgium, and Llinars del Vallés, Spain, for the purchase price of €82 million, subject to customary closing adjustments. Using the exchange rate on the date of close, the initial cash consideration of $80 million (or €75 million) was paid at close, with an additional holdback of $8 million (or €7 million) to be paid over the next three years, less any potential obligations covered by the holdback arrangement. The business is part of Ball’s PHC segment. The transaction broadens the geographic reach and expands the product portfolio of Ball’s PHC business, serving the growing personal, home care and beverage bottle markets.

Aerospace

In the third quarter of 2023, Ball entered into a Stock Purchase Agreement with BAE Systems, Inc. (BAE) and, for the limited purposes set forth therein, BAE Systems plc, to sell all outstanding equity interests in Ball’s aerospace business. On February 16, 2024, the company completed the divestiture of the aerospace business for a purchase price of $5.6 billion, subject to working capital adjustments and other customary closing adjustments under the terms of the agreement. In the third quarter of 2025, Ball finalized the customary closing adjustments with BAE, resulting in an immaterial adjustment. The divestiture resulted in a pre-tax gain of $4.61 billion. Completion of the divestiture resulted in the removal of the aerospace business from the company’s obligor group, as the business no longer guarantees the company’s senior notes and senior credit facilities.

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Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

The sale of the aerospace business represents a strategic shift that will have a major effect on Ball’s operations and financial results, including the removal of the aerospace reportable segment. Due to this shift, the aerospace business’ financial results are reported as discontinued operations in the unaudited condensed consolidated statements of earnings. See Note 1 for further information on the basis of presentation.

The following table presents components of discontinued operations, net of tax, for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2025		2024		2025		2024

Net sales	$	—	$	—	$	—	$	261

Cost of sales (excluding depreciation and amortization)		—		—		—		(214)
Depreciation and amortization		—		—		—		(9)
Selling, general and administrative		—		—		—		(11)
Gain (loss) on disposition		(1)		(1)		(4)		4,694
Tax (provision) benefit		—		7		1		(1,108)
Discontinued operations, net of tax	$	(1)	$	6	$	(3)	$	3,613

The following table presents depreciation and amortization, capital expenditures and significant operating and investing noncash items from discontinued operations for the nine months ended September 30, 2025 and 2024, included within the consolidated statements of cash flows. Amounts include adjustments to reconcile net earnings to cash provided by (used in) operating activities:


	Nine Months Ended September 30,
($ in millions)	2025		2024

Provided by (used in)
Depreciation and amortization	$	—	$	9
Loss (gain) on Aerospace disposal		4		(4,694)
Capital expenditures		—		(13)

For the nine months ended September 30, 2024, noncash investing activities included $17 million for the acquisition of property, plant and equipment (PP&E) for which payment had not been made for the aerospace business. These noncash capital expenditures were excluded from the consolidated statement of cash flows.

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Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

5. Revenue from Contracts with Customers

The following table disaggregates the company’s net sales based on the timing of transfer of control:


	Three Months Ended September 30,						Nine Months Ended September 30,
($ in millions)	Point in Time		Over Time		Total		Point in Time		Over Time		Total

2025	$	603	$	2,776	$	3,379	$	1,715	$	8,099	$	9,814
2024		678		2,404		3,082		1,861		7,054		8,915

The company did not have any contract assets at either September 30, 2025, or December 31, 2024. The opening and closing balances of the company’s current and noncurrent contract liabilities are as follows:


	Contract		Contract
	Liabilities		Liabilities
($ in millions)	(Current)		(Noncurrent)

Balance at December 31, 2024	$	50	$	2
Increase (decrease)		21		—
Balance at September 30, 2025	$	71	$	2

During the nine months ended September 30, 2025, contract liabilities increased by $21 million, which is net of cash received of $61 million and amounts recognized as sales of $40 million, the majority of which related to current contract liabilities. The amount of sales recognized in the nine months ended September 30, 2025, that was included in the opening contract liabilities balance was $40 million, all of which related to current contract liabilities. The difference between the opening and closing balances of the company’s contract liabilities primarily results from timing differences between the company’s performance and the customer’s payments. Current contract liabilities are classified within other current liabilities on the unaudited condensed consolidated balance sheets and noncurrent contract liabilities are classified within other liabilities.

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Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

6. Business Consolidation and Other Activities

2025

During the three and nine months ended September 30, 2025, the company recorded net income of $78 million and $53 million, respectively. During the three and nine months ended September 30, 2025, the net income was primarily composed of the $86 million gain on the sale of the Saudi Arabia business, partially offset by costs for previously announced facility closures and the loss related to the aluminum cups business transaction. The income for the nine months ended September 30, 2025, also includes the receipt of insurance proceeds for replacement costs related to the 2023 fire at the company’s Verona, Virginia, extruded aluminum slug manufacturing facility. See Note 4 for further details on the aluminum cups transaction.

2024

During the three and nine months ended September 30, 2024, the company recorded net charges of $85 million and $171 million, respectively, which were primarily related to facility closure costs of $94 million and $147 million, respectively, and costs for employee severance, employee benefits and other related items resulting from the company restructuring its operating model. The charges for the three and nine months ended September 30, 2024, were partially offset by income from the receipt of insurance proceeds for replacement costs related to the 2023 fire at the company’s Verona, Virginia, extruded aluminum slug manufacturing facility.

7.	Supplemental Cash Flow Statement and Other Disclosures


	September 30,
($ in millions)	2025		2024

Beginning of period:
Cash and cash equivalents	$	885	$	695
Current restricted cash (included in other current assets)		8		15
Noncurrent restricted cash (included in other assets)		6		—
Cash reported in current assets held for sale		32		—
Total cash, cash equivalents and restricted cash	$	931	$	710

End of period:
Cash and cash equivalents	$	568	$	1,440
Current restricted cash (included in other current assets)		4		4
Noncurrent restricted cash (included in other assets)		7		—
Total cash, cash equivalents and restricted cash	$	579	$	1,444

The company’s restricted cash is primarily related to receivables factoring programs and represents amounts collected from customers that have not yet been remitted to the banks as of the end of the reporting period. Restricted cash also relates to consideration owed for business acquisitions.

Noncash investing activities include the acquisition of property, plant and equipment (PP&E) for which payment has not been made. These noncash capital expenditures are excluded from the unaudited condensed consolidated statements of cash flows. A summary of the PP&E acquired but not yet paid, inclusive of amounts related to the historical aerospace business, is as follows:


	September 30,
($ in millions)	2025		2024

Beginning of period:
PP&E acquired but not yet paid	$	96	$	204

End of period:
PP&E acquired but not yet paid	$	115	$	101

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Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

Supplier Finance Programs

The amount of obligations outstanding that the company confirmed as valid to the financial institutions under the company's regional supplier finance programs was $276 million and $423 million at September 30, 2025, and December 31, 2024, respectively. These amounts are classified within accounts payable on the unaudited condensed consolidated balance sheets, and the associated payments are reflected in the cash flows from operating activities section of the unaudited condensed consolidated statements of cash flows.

8. Receivables, Net


	September 30,		December 31,
($ in millions)	2025		2024

Trade accounts receivable	$	1,631	$	1,258
Unbilled receivables		585		490
Less: Allowance for doubtful accounts		(15)		(12)
Net trade accounts receivable		2,201		1,736
Other receivables		495		430
	$	2,696	$	2,166

The company has entered into several regional accounts receivable factoring programs with various financial institutions for certain receivables of the company. The programs are accounted for as true sales of the receivables, with limited recourse to Ball, and had combined limits of approximately $1.79 billion and $1.60 billion at September 30, 2025, and December 31, 2024, respectively. A total of $580 million and $428 million were available for sale under these programs as of September 30, 2025, and December 31, 2024, respectively. The company has recorded expense related to its factoring programs of $9 million and $12 million for the three months ended September 30, 2025 and 2024, respectively, and $28 million and $35 million for the nine months ended September 30, 2025 and 2024, respectively, and has presented these amounts in selling, general and administrative in its unaudited condensed consolidated statements of earnings.

Other receivables include income and indirect tax receivables, aluminum scrap sale receivables and other miscellaneous receivables.

9. Inventories, Net


	September 30,		December 31,
($ in millions)	2025		2024

Raw materials and supplies	$	1,360	$	1,089
Finished goods		591		470
Less: Inventory reserves		(95)		(82)
	$	1,856	$	1,477

10. Property, Plant and Equipment, Net


	September 30,		December 31,
($ in millions)	2025		2024

Land	$	224	$	198
Buildings		1,935		1,794
Machinery and equipment		8,071		7,450
Construction-in-progress		901		836
		11,131		10,278
Accumulated depreciation		(4,558)		(4,105)
	$	6,573	$	6,173

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Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

Depreciation expense was $121 million and $113 million for the three months ended September 30, 2025 and 2024, respectively, and $352 million and $345 million for the nine months ended September 30, 2025 and 2024, respectively.

11. Goodwill


($ in millions)	Beverage Packaging, North & Central America		Beverage Packaging, EMEA		Beverage Packaging, South America		Other		Total

Balance at December 31, 2024	$	1,277	$	1,289	$	1,300	$	306	$	4,172
Effects of currency exchange		—		166		—		39		205
Balance at September 30, 2025	$	1,277	$	1,455	$	1,300	$	345	$	4,377

12. Intangible Assets, Net


	September 30,		December 31,
($ in millions)	2025		2024

Acquired customer relationships and other intangibles (net of accumulated amortization and impairment losses of $1.26 billion at September 30, 2025, and $1.11 billion at December 31, 2024)	$	974	$	1,031
Capitalized software (net of accumulated amortization of $178 million at September 30, 2025, and $168 million at December 31, 2024)		19		28
Other intangibles (net of accumulated amortization of $16 million at September 30, 2025, and $12 million at December 31, 2024)		21		21
	$	1,014	$	1,080

Total amortization expense of intangible assets was $37 million for the three months ended September 30, 2025 and 2024, respectively, and $111 million and $115 million for the nine months ended September 30, 2025 and 2024, respectively.

13. Other Assets


	September 30,		December 31,
($ in millions)	2025		2024

Long-term pension assets	$	40	$	36
Right-of-use operating lease assets		331		334
Investments in affiliates		258		233
Long-term deferred tax assets		49		63
Other		732		696
	$	1,410	$	1,362

Investments in affiliates primarily includes the company’s 50 percent ownership interest in an entity in Guatemala, a 50 percent ownership interest in an entity in Panama, a 50 percent ownership interest in an entity in Vietnam, a 50 percent ownership interest in an entity in the U.S., a 33 percent ownership interest in an entity in the U.S. and a 10 percent ownership interest in an entity in Saudi Arabia.

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Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

14. Leases

The company enters into operating leases for buildings, warehouses, office equipment, production equipment, aircraft, land and other types of equipment. The company also enters into finance leases for certain plant equipment and an aircraft. Supplemental balance sheet information related to the company’s leases follows:


		September 30,		December 31,
($ in millions)	Balance Sheet Location	2025		2024

Operating leases:
Operating lease ROU asset	Other assets	$	331	$	334
Current operating lease liabilities	Other current liabilities		78		79
Noncurrent operating lease liabilities	Other liabilities		260		265
Finance leases:
Finance lease ROU assets, net	Property, plant and equipment, net		8		31
Current finance lease liabilities	Short-term debt and current portion of long-term debt		2		26
Noncurrent finance lease liabilities	Long-term debt		6		5

15. Debt

Long-term debt outstanding and interest rates in effect, along with short-term debt outstanding, consisted of the following:


	September 30,		December 31,
($ in millions)	2025		2024

Senior Notes
5.25% due July 2025	$	—	$	189
4.875% due March 2026		256		256
1.50%, euro denominated, due March 2027		645		569
6.875% due March 2028		750		750
6.00% due June 2029		1,000		1,000
2.875% due August 2030		1,300		1,300
3.125% due September 2031		850		850
4.25%, euro denominated, due July 2032		997		—
5.50% due September 2033		750		—
Senior Credit Facility (at variable rates)
U.S. dollar revolver due June 2027		—		—
Multi-currency revolver due June 2027		—		—
Term A loan due June 2027 (5.51% - 2025)		625		625
Finance lease obligations		8		7
Other (including debt issuance costs)		(59)		(43)
		7,122		5,503
Less: Current portion of long-term debt		(258)		(191)
Long-term debt	$	6,864	$	5,312

Short-term debt
Current portion of long-term debt	$	258	$	191
Short-term finance leases		—		24
Short-term committed loans		—		109
Short-term uncommitted credit facilities		86		37
Short-term debt and current portion of long-term debt	$	344	$	361

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Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

The company’s senior credit facilities include long-term multi-currency revolving facilities that mature in June 2027, which provide the company with up to the U.S. dollar equivalent of $1.75 billion. At September 30, 2025, $1.70 billion was available under these revolving credit facilities. Additionally, at September 30, 2025, the company’s short-term uncommitted credit facilities provided the company with up to $1.02 billion.

In August 2025, Ball issued $750 million of 5.50% senior notes due in 2033, and repaid the outstanding U.S. dollar revolving credit facility due in 2027 in the amount of $600 million, as well as the outstanding multi-currency revolving credit facility due in 2027 of $100 million. In October 2025, Ball issued a notice to call the 4.875% senior notes due March 2026 and the 6.875% senior notes due March 2028.

In July 2025, Ball repaid at maturity the outstanding 5.25% senior notes due in the amount of $189 million.

In May 2025, Ball issued €850 million of 4.25% senior notes due in 2032, and repaid a portion of the U.S. dollar revolving credit facility due in 2027 in the amount of $500 million, as well as the outstanding multi-currency revolving credit facility due in 2027 of $200 million.

The fair value of Ball’s long-term debt was estimated to be $6.99 billion and $5.19 billion at September 30, 2025, and December 31, 2024, respectively. The fair value reflects the market rates at each period end for debt with credit ratings similar to the company’s ratings and is classified as Level 2 within the fair value hierarchy. Rates currently available to the company for loans with similar terms and maturities are used to estimate the fair value of long-term debt based on discounted cash flows.

The U.S. note agreements and bank credit agreement contain certain restrictions relating to dividend payments, share repurchases, investments, financial ratios, guarantees and the incurrence of additional indebtedness. The company’s most restrictive debt covenant requires it to maintain a leverage ratio (as defined) of no greater than 4.5 times. The company was in compliance with the leverage ratio requirement at September 30, 2025, and for all prior periods presented, and has met all debt payment obligations.

16. Taxes on Income

The company’s effective tax rate was 19.4 percent and 21.4 percent for the three and nine months ended September 30, 2025, respectively. As compared to the statutory U.S. tax rate, the effective tax rate for the three and nine months ended September 30, 2025, increased by 1.4 and 0.5 percentage points, respectively, for U.S. permanent differences, increased by 0.8 and 0.9 percentage points, respectively, for state and local taxes, and decreased by 3.9 and 1.7 percentage points, respectively, for the sale of the Saudi Arabian business.

The company’s effective tax rate was 18.5 percent and 22.3 percent for the three and nine months ended September 30, 2024, respectively. As compared to the statutory U.S. tax rate, the effective tax rate for the three and nine months ended September 30, 2024, increased by 0.7 and 0.8 percentage points, respectively, for Pillar Two Global Minimum Taxes, increased by 0.2 and 1.0 percentage points, respectively, for non-U.S. rate differences and withholding taxes net of credits and decreased by 2.8 and 0.5 percentage points, respectively, for state and local taxes.

On July 4, 2025, the One Big Beautiful Bill Act (the Act) was signed into law. The Act changed U.S. income tax law by, among other things, allowing full expensing of qualified property, changing the calculation of interest expense deduction limitations and modifying certain elements of the international tax framework. The act does not materially impact our effective tax rate in the third quarter of 2025 and is not expected to in future periods.

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Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

17. Employee Benefit Obligations


	September 30,		December 31,
($ in millions)	2025		2024

Underfunded defined benefit pension liabilities	$	226	$	263
Less: Current portion		(21)		(20)
Long-term defined benefit pension liabilities		205		243
Long-term retiree medical liabilities		74		79
Deferred compensation plans		173		206
Other		69		49
	$	521	$	577

Components of net periodic benefit cost associated with the company’s defined benefit pension plans were as follows:


	Three Months Ended September 30,
	2025						2024
($ in millions)	U.S.		Non-U.S.		Total		U.S.		Non-U.S.		Total

Ball-sponsored plans:
Service cost	$	4	$	—	$	4	$	4	$	1	$	5
Interest cost		14		23		37		15		21		36
Expected return on plan assets		(20)		(22)		(42)		(22)		(21)		(43)
Amortization of prior service cost		—		1		1		—		1		1
Recognized net actuarial loss		1		4		5		1		4		5
Total net periodic benefit cost	$	(1)	$	6	$	5	$	(2)	$	6	$	4


	Nine Months Ended September 30,
	2025						2024
($ in millions)	U.S.		Non-U.S.		Total		U.S.		Non-U.S.		Total

Ball-sponsored plans:
Service cost	$	11	$	—	$	11	$	12	$	2	$	14
Interest cost		43		68		111		45		62		107
Expected return on plan assets		(59)		(66)		(125)		(66)		(60)		(126)
Amortization of prior service cost		—		2		2		—		2		2
Recognized net actuarial loss		2		13		15		3		11		14
Total net periodic benefit cost	$	(3)	$	17	$	14	$	(6)	$	17	$	11

Non-service pension expense of $1 million and income of $1 million for the three months ended September 30, 2025 and 2024, respectively, and expense of $3 million and income of $3 million for the nine months ended September 30, 2025 and 2024, respectively, is included in selling, general and administrative in the unaudited condensed consolidated statements of earnings.

Contributions to the company’s defined benefit pension plans were $36 million for the first nine months of 2025 compared to $24 million for the first nine months of 2024, and such contributions are expected to be approximately $43 million for the full year of 2025. This estimate may change based on changes in the Pension Protection Act, actual plan asset performance and available company cash flow, among other factors.

In November 2023, the Trustee Board of the U.K. defined benefit pension plan entered into an agreement with an insurance company for a bulk annuity purchase, or “buy-in”, for its U.K. defined benefit pension plan to reduce retirement plan risk, while delivering promised benefits to plan participants. This transaction allows the company to reduce volatility by removing investment, longevity, mortality, interest rate and inflation risk upon the transfer of substantially all of the pension plan assets to the insurer in exchange for the group annuity insurance contract. At this time the company retains both the fair value of the annuity contract within plan assets and the pension benefit obligations related to these participants. The plan was frozen on April 5, 2024, and future service accruals were replaced with

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Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

defined contribution benefits for the impacted employees. The company anticipates the “buy-out” will occur within three years of the plan freeze, which will trigger a pension settlement that will result in all plan balances, including accumulated pension components within other comprehensive income, being charged to expense as a noncash settlement charge.

18. Equity and Accumulated Other Comprehensive Earnings (Loss)

The following tables provide additional details of the company’s equity activity, inclusive of activity related to the aerospace business impacting the company’s equity:


	Common Stock			Treasury Stock					Accumulated Other
	Number of			Number of			Retained		Comprehensive		Noncontrolling		Total
($ in millions; share amounts in thousands)	Shares	Amount		Shares	Amount		Earnings		Earnings (Loss)		Interest		Equity

Balance at June 30, 2025	684,848	$	1,414	(412,800)	$	(7,059)	$	11,806	$	(955)	$	71	$	5,277
Net earnings	—		—	—		—		321		—		—		321
Other comprehensive earnings (loss), net of tax	—		—	—		—		—		43		—		43
Common dividends	—		—	—		—		(54)		—		—		(54)
Treasury stock purchases	—		—	(2,455)		(84)		—		—		—		(84)
Treasury shares reissued	—		—	7		2		—		—		—		2
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged	87		8	—		—		—		—		—		8
Business dispositions	—		—	—		—		—		—		(65)		(65)
Distributions from deferred compensation plans and other activity	—		—	—		4		—		—		—		4
Balance at September 30, 2025	684,935	$	1,422	(415,248)	$	(7,137)	$	12,073	$	(912)	$	6	$	5,452


	Common Stock			Treasury Stock					Accumulated Other
	Number of			Number of			Retained		Comprehensive		Noncontrolling		Total
($ in millions; share amounts in thousands)	Shares	Amount		Shares	Amount		Earnings		Earnings (Loss)		Interest		Equity

Balance at June 30, 2024	683,801	$	1,370	(377,841)	$	(5,017)	$	11,481	$	(921)	$	70	$	6,983
Net earnings	—		—	—		—		197		—		2		199
Other comprehensive earnings (loss), net of tax	—		—	—		—		—		9		—		9
Common dividends	—		—	—		—		(60)		—		—		(60)
Treasury stock purchases	—		—	(6,216)		(394)		—		—		—		(394)
Treasury shares reissued	—		—	50		3		—		—		—		3
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged	248		14	—		—		—		—		—		14
Distributions from deferred compensation plans and other activity	—		—	—		1		—		—		—		1
Balance at September 30, 2024	684,049	$	1,384	(384,007)	$	(5,407)	$	11,618	$	(912)	$	72	$	6,755


	Common Stock			Treasury Stock					Accumulated Other
	Number of			Number of			Retained		Comprehensive		Noncontrolling		Total
($ in millions; share amounts in thousands)	Shares	Amount		Shares	Amount		Earnings		Earnings (Loss)		Interest		Equity

Balance at December 31, 2024	684,168	$	1,395	(394,790)	$	(6,057)	$	11,527	$	(1,003)	$	68	$	5,930
Net earnings	—		—	—		—		712		—		3		715
Other comprehensive earnings (loss), net of tax	—		—	—		—		—		91		—		91
Common dividends	—		—	—		—		(166)		—		—		(166)
Treasury stock purchases	—		—	(20,547)		(1,100)		—		—		—		(1,100)
Treasury shares reissued	—		—	89		8		—		—		—		8
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged	767		27	—		—		—		—		—		27
Business dispositions	—		—	—		—		—		—		(65)		(65)
Distributions from deferred compensation plans and other activity	—		—	—		12		—		—		—		12
Balance at September 30, 2025	684,935	$	1,422	(415,248)	$	(7,137)	$	12,073	$	(912)	$	6	$	5,452

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Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements


	Common Stock			Treasury Stock					Accumulated Other
	Number of			Number of			Retained		Comprehensive		Noncontrolling		Total
($ in millions; share amounts in thousands)	Shares	Amount		Shares	Amount		Earnings		Earnings (Loss)		Interest		Equity

Balance at December 31, 2023	683,241	$	1,312	(367,551)	$	(4,390)	$	7,763	$	(916)	$	68	$	3,837
Net earnings	—		—	—		—		4,040		—		4		4,044
Other comprehensive earnings (loss), net of tax	—		—	—		—		—		4		—		4
Common dividends	—		—	—		—		(185)		—		—		(185)
Treasury stock purchases	—		—	(16,530)		(1,075)		—		—		—		(1,075)
Treasury shares reissued	—		—	74		13		—		—		—		13
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged	808		72	—		—		—		—		—		72
Distributions from deferred compensation plans and other activity	—		—	—		45		—		—		—		45
Balance at September 30, 2024	684,049	$	1,384	(384,007)	$	(5,407)	$	11,618	$	(912)	$	72	$	6,755

In the second quarter of 2025, in a privately negotiated transaction, Ball entered into an accelerated share repurchase agreement to buy $250 million of its common shares using cash on hand and available borrowings. In the third quarter of 2025, Ball settled the agreement and received a total of 4.44 million shares with the average price per share paid of $56.30.

On January 29, 2025, the Board of Directors approved the repurchase by the company of up to $4.00 billion in shares of its common stock through the end of 2027. This repurchase authorization replaced all previous authorizations.

Accumulated Other Comprehensive Earnings (Loss)

The activity related to accumulated other comprehensive earnings (loss) was as follows:


($ in millions)	Currency Translation (Net of Tax)			Pension and Other Postretirement Benefits (Net of Tax)		Derivatives Designated as Hedges (Net of Tax)		Accumulated Other Comprehensive Earnings (Loss)

Balance at December 31, 2024	$	(618)		$	(402)	$	17	$	(1,003)
Other comprehensive earnings (loss) before reclassifications		134			(45)		(77)		12
Amounts reclassified into earnings		6	(a)		10		63		79
Balance at September 30, 2025	$	(478)		$	(437)	$	3	$	(912)

(a)	Currency translation recorded in business consolidation and other activities from business disposal.

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Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

The following table provides additional details of the amounts reclassified into net earnings from accumulated other comprehensive earnings (loss):

BALL Corp 10-Q